American Express Sees $2.4 Billion Earnings Hit From Tax Bill
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American Express Co. said it expects recently passed changes in U.S. tax laws will reduce fourth-quarter earnings by about $2.4 billion, resulting in a net loss for the period.
Full-year earnings for 2017 will be below the earlier forecast of $5.80 to $5.90 per share, the New York-based credit-card issuer said Wednesday in a regulatory filing without offering new guidance. The charge was caused by earnings held overseas facing taxation and adjustments to the company’s deferred tax assets and liabilities.